Grouper Co. has $2280000 of 8% convertible bonds outstanding. Each $1000 tond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31 . On July 31,2020 , the holders of $570000 bonds exercised the conversion privilege. On that date the market price of the bonds was 109 and the market price of the common stock was $39. The total unamortized bond premium at the date of conversion was $112960. Grouper should record, as a result of this conversion, a credit of $85240 to Paid-in Capital in Excess of Par. credit of $28240 to Premium on Bonds Payable. credit of $484760 to Paid-in Capital in Excess of Par